The European Single Currency appreciated 0.85% against the US Dollar since Monday’s session. On Tuesday morning, the currency exchange rate was supported by the 55-hour simple moving average to surge upwards towards the 38.20% Fibo and the weekly R1 at the 1.1722 mark.
In regards to the near future, most likely, the rate should move downwards due to the resistance of the weekly R1 and the 38.20% Fibo. It is expected that the rate should trade at the 1.1680 level during the day.
However, the rate might ignore the resistance of the weekly R1 at the 1.1722 mark and the 38.20% Fibo to pass through them to trade at 1.1760 level on Tuesday.